Tuesday, October 29
Bulletin: Lebanon’s Prime Minister Hariri Says to Resign Amid Unrest (Bloomberg)
Beyond Coal: Biggest Private Coal Miner in U.S. Goes Bust After Trump Rescue Fails (Bloomberg)
Robert E. Murray, the U.S. coal baron who pressed the Trump administration to help save America’s struggling miners, placed his company into bankruptcy as demand for the fossil fuel continues to weaken.
U.K. Set for December Election to Break Brexit Impasse (Bloomberg)
Boris Johnson won the backing of Labour Party leader Jeremy Corbyn for a snap poll to take place between Dec. 9-12. While the date is yet to be confirmed, the vote is set to become a proxy referendum on European Union membership.
Trade War Update.
Trump, Xi Set for November 17 Meeting in Chile to Sign Interim Trade Deal (Bloomberg Terms of Trade)
Nightmare Scenario Emerges for Republicans – Lose Senate, White House and Trounced in House (Axios – Mike Allen)
House Republicans in swing districts are retiring at a very fast pace, especially in the suburbs of Texas and elsewhere. The Republican Senate majority, once considered relatively safe, suddenly looks in serious jeopardy. Democrats are raising more money, and polling better, than Republican incumbents in battleground after battleground. Read it all here.
Column: There Is Nothing Trump Can’t Wreck, Including the Democrats (New York Times)
Each week, New York Times columnists Gail Collins and Bret Stephens publish a conversation between the two of them. This week’s column focuses on whether Trump’s path of destruction includes the Democratic Party and its presidential candidates:
Bret Stephens: “Judging by the small size of his crowds and his anemic fund-raising numbers (a leading indicator of future poll numbers), Biden is probably finished. The only good news is that this gives one of the moderates in the race a better chance of taking that center lane.”
“It could also entice a moderate not currently in the race, like Best-Mayor-Ever Mike Bloomberg, to jump in. Since he’s probably reading this, all I’ll say is: Do it, Mike. Do it! You have nothing to lose except two percent of your net worth.”
Gail Collins: “Very interesting possibility, Bloomberg. He was a very good mayor. Does he have the patience with hard-core, day-to-day politics to run for president? Would certainly enjoy discussing it with you.”
Army Officer Who Heard Trump’s Ukraine Call Twice Reported Concerns (New York Times)
The White House’s top Ukraine expert, Lieutenant Colonel Alexander Vindman (who received a purple heart after injuries from an IED in Iraq), will tell House impeachment investigators today he twice reported concerns about President Trump’s pressure tactics on Ukraine, acting out of a “sense of duty.” If you haven’t already, read his powerful opening statement here.
Today in Finance.
Bloomberg’s New Economy Index: Tracking the Forces Threatening the World’s Hottest Economies (Bloomberg Businessweek)
The new report measures economies based on their readiness to deal with new disruptive forces – automation, climate change, protectionism, populism and digitization.
UBS Strategists Say `World of Trouble’ for Stocks on Deteriorating Earnings (Bloomberg)
Forget Zero Fees and Robots. One Broker, Singapore’s UOB-Kay Hian, Doubles Down on Humans (Bloomberg)
The Always Exhilarating, Sometimes Lucrative Lives of Currency Traders (Bloomberg)
Since suffering a historic fall in the days after the U.K.’s 2016 Brexit vote, the pound has become one of the world’s most volatile currencies, less stable than the Russian ruble or the Mexican peso.
It’s down about 13% since the referendum, pushing up the cost of energy and imported goods, weighing on real estate, eroding the value of savings, and paralyzing investors.
Volatility isn’t bad for everyone, though. For traders who make their living in foreign exchange (FX) markets, it means opportunity.
Soho House Raises $100M To Double Global Footprint to 50 Venues (Financial Times)
Side note: Luca Marchi will now have 50 places to stay.
Landmark Climate Case: New York Doesn’t Need a Smoking Gun to Win the Exxon Climate Trial (Bloomberg)
California on Fire: Dramatic Photos Capture How Terrifying Wildfires Are in California (Buzzfeed)
Today in Air Safety.
One Year After Lion Air Crash: Boeing CEO to Tell U.S. Senate ‘We Made Mistakes’ in 737 Max Jet (Bloomberg)
The Max tragedies should spur a broader discussion about the role of regulation by the U.S. government after decades of deregulation and funding constraints for agencies with critical oversight of industry
Data and Technology Today.
The Changing Life of a Private Investigator: The Sleuth Trade Has Gone from Disguises to Digging for Data (New York Times)
The $249 Headphones: Apple Launches Higher-End AirPods Pro with Noise-Cancellation (Bloomberg)
Note to Dillon and Samantha: I’ve purchased a pair, please don’t steal them.
Arts in the City.
Is Your City Applying? Colorful Street Transformations Coming to 10 U.S. Cities (Curbed)
At CityLab DC, Bloomberg Philanthropies announced a new grant program that will fund the creation of 10 street murals in 10 U.S. cities, as well as track the safety, economic, and civic impact of these projects.
U.S cities with populations of 30K-500K can apply by Dec. 12 here, and anyone can download a free guide on how to successfully (and safely) activate roadway art. The new initiative illustrates how “asphalt art” makes cities safer and more vibrant.
Best of late night.
“In business news, I heard that Lyft is offering people free rides if they’re going to a job interview. That way, you can text your interviewer, ‘I’ll be there in five minutes. Wait, six. Sorry, 15 minutes, I’ve got to reschedule.’”
— Jimmy Fallon
“The New York City subway turned 115 years old yesterday. And if you want to get an idea of what the subway was like back in 1904, just go down there. Take a look around.”
— Seth Meyers
“Apple has announced it’s coming out with a more expensive pro model of its AirPods headphones, with a new feature, like feeling even worse when they fall out and you lose them.”
— Seth Meyers
And this video mashup shows how two presidents announced the deaths of terrorist leaders:
Watch: Trump’s al-Baghdadi Speech & Obama’s Bin Laden Speech (Jimmy Kimmel Live)